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May change size and product mix in Indian projects: Mittal
November 06, 2008 18:02 IST
L N Mittal has said that changes could be made in the size and product mix in the company's proposed steel projects in India that entail an investment of about Rs 80,000 crore (Rs 800 billion).
"This all will depend on a lot many factors, on the allocation of the mines, size of the mines, infrastructure, land and the market...
"...it depends on all the approvals and the DPR (detailed project report). Changes can be made in the size and product mix... we will have to look into it," Mittal told PTI in a telephonic interview when asked if there could be any change in the company's project size or product mix.
The company signed an agreement with Jharkhand government in October 2005 to set up a Rs 40-crore (Rs 400-million) steel facility and in December 2006 for an identical plant in Orissa.
"As far as we are concerned, we are committed to grow in India," he said but admitted that the India projects may face a 'temporary slowdown' due to the changing macroeconomic scenario.
Mittal, however, asserted that the company's 'long term strategies for India is unchanged' and any short-term delay would not change the overall long-term plans for the country.
"We continue to believe in India, we continue to believe in its future growth," the Chairman and CEO of the world's largest steelmaker, which has proposed to invest a total of Rs 80,000 crore to create a combined 24 mtpa steel capacity in the country, told PTI over phone from Luxembourg.
Asked if ArcelorMittal's India projects could be affected in the wake of delay in approvals and current economic crisis, Mittal said that the company would continue to work on these projects, although there could be a temporary slowdown.
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